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Mortgage approvals for first-time buyers reach highest level since 2011, new figures show

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Some 4,928 mortgages approved in May with an overall value of close to €1.4 billion

On an yearly basis, the volume of overall mortgage approvals declined 4 per cent while the value of new mortgages slumped by 8 per cent amid a steep 72 per cent decline in remortgaging and switching activity over the previous 12 months.

It meant “the annualised value of FTB approvals surpassed €8 billion for the first time since the data series began in 2011, at €8.06 billion”, Mr Hayes said, representing a “strong pipeline for FTB drawdowns later in the year”.

 

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